NIGERIA’s average daily crude oil output in June slightly exceeded the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million barrels per day (bpd).
The latest monthly crude oil report released by OPEC on Tuesday, June 15, showed that Nigeria’s crude oil output rose to 1.505 million bpd in June from 1.453 million bpd in May.
This is the second time it has met its 1.5 million bpd quota this year. In January, Nigeria’s crude oil production rose to 1.54 million bpd, but dropped in the following months.
OPEC had, in November 2023, approved a daily production quota of 1.5 million bpd for Nigeria, but meeting that target has been eluding Nigeria, month on month.
According to the data, the crude oil production figure was based on direct communication received from Nigeria as a member of the OPEC body.
Mataz Arising can report that despite exceeding the OPEC quota in June, the country is far from meeting its crude oil production benchmark of over two million bpd set in the 2025 budget, a situation many analysts fear will make implementation unachievable.
Amid the crude oil production shortfall, Nigeria is set to push for a 25 per cent increase in its oil production quota by 2027.
The push for the new quota by the Nigerian National Petroleum Company Limited (NNPCL) is hinged on growth in refinery capacity and improved production.
Explaining the economic situation in the country, OPEC noted that private sector activity in Nigeria continued to expand in June, though at a slower pace, as indicated by a retraction in the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) from 52.7 in May to 51.6.
“The slowdown was primarily due to weaker growth in the manufacturing sector, while other sectors maintained some momentum. Persistent challenges such as material shortages, delayed payments, and power supply issues led to a rise in backlogs for the third consecutive month, and employment levels remained largely unchanged.
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